At Coho Partners, we aspire to produce positive returns each year, although we know this may not always happen. Our performance expectations are two-fold: first, to protect principal during difficult times and second, to capture the majority of broad market advances. We seek to attain these seemingly divergent goals by investing in stable companies that have historically weathered down markets very well. These same companies have over time provided competitive returns in all but the most speculative and lowest quality up markets. Given our highly focused portfolios, we believe that with our diligent research, we can find companies whose valuations at time of purchase will prove rewarding over a full economic cycle.
PerformanceAs of March 31, 2017
As of 3.31.17; Source: Advent/Axys
Note: Performance for the Coho Relative Value Equity composite is gross of fees and does not reflect the payment of advisory fees and other expenses. Returns presented for periods less than one year are cumulative, returns for periods one year and greater are annualized. Past performance is not indicative of future results. Please see below for Important Disclosure information.
Coho Relative Value Equity Composite Important Disclosures
Coho Partners, Ltd. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Coho Partners, Ltd. is an independent investment management company not affiliated with any other entity and is a registered investment adviser under the Investment Advisers Act of 1940. Coho Partners, Ltd. manages assets for institutional employee benefit plans, endowments, foundations, corporations, eleemosynary organizations, individuals, trusts and estates.
This composite was created in October 2000. The name of the composite was changed from the Coho Tax Exempt Equity composite to the Coho Relative Value Equity composite on July 1, 2011. A complete list and description of the firm’s Composites is available upon request.
Coho Partners, Ltd. has been verified on a firm-wide basis according to GIPS standards for the period 10/1/2000 through 12/31/2016. The Coho Relative Value Equity composite has received a Performance Examination for the period 10/1/2000 through 12/31/2016. The verification report is available upon request. Additional information regarding the firm’s policies and procedures for calculating and reporting performance results is also available upon request.
The Coho Relative Value Equity composite includes all discretionary, fee-paying, non-wrap separately managed institutional and high net worth equity portfolios of at least $1 million managed for at least one full month. Portfolios may be excluded from the composite due to investment restrictions, frequent or significant cash requirements, legacy positions, or other situations that may prevent the portfolio from being managed in accordance with the model strategy. The strategy for all portfolios included in the Coho Relative Value Equity composite is to invest only in selective equity securities while maintaining a diligent focus on preserving capital and maximizing client returns.
The composite returns reflect the reinvestment of dividends, capital gains, and other earnings when appropriate. “Gross of fees” performance returns are presented net of actual trading expenses. No other fees are deducted. “Net of fees” performance returns are calculated net of actual trading expenses and management fees. No other fees are deducted. The maximum management fee charged to portfolios in this composite is 1.00% annually, pro-rated on a quarterly basis. All returns are expressed in U.S. dollars.
*Total assets and UMA assets are supplemental information to the Annual Disclosure Presentation.
1. Effective 1.1.2017, the S&P 500 Value Index retroactively replaced the Russell 1000 Value Index as the strategy’s secondary benchmark because the average market capitalization and sector emphasis of the S&P 500 Value Index more closely align with those of the strategy. The S&P 500 Index has been the strategy’s primary benchmark since its inception and that remains unchanged.
Composite dispersion, which represents the consistency of performance of individual portfolio returns within the composite, is measured using standard deviation across asset-weighted portfolios for the preceding twelve months. Past performance is no guarantee of future results. For more information about the Coho Relative Value Equity strategy, please contact: John Musser, Client & Consultant Relations, firstname.lastname@example.org or Glenn Dever, Partner/President, email@example.com.